The list of 120 startups and innovators for the XR Startup Program has been released by MeitY Startup Hub and Meta. A partnership between MSH and Meta to find, support, and advance Extended Reality (XR) technology entrepreneurs and innovators across India was announced in September 2022 as the XR Startup Program.
Following the recent National Startup Day, the XR Startup Program, which comprises an accelerator and a grand challenge to strengthen the nation’s burgeoning innovation sector, was launched.
Over 30% of the firms chosen for the accelerator programme are from tier 2 or tier 3 locations in India. Additionally, 40% of the grand challenge’s chosen innovators and companies are from tier 2 or tier 3 cities. Furthermore, firms with female founders or cofounders make up more than 20% of the cohort.
Shri Jeet Vijay, CEO of MeitY Startup Hub (MSH), spoke on the occasion and predicted that “Emerging technologies like XR will have a huge impact on the digital ecosystem. Startups and innovators from India, particularly those from non-metros, will be crucial to the development of future internet technologies like the metaverse. The partnership with Meta will give these firms the essential momentum to be supported and scaled up.
India is undergoing a huge digital revolution supported by immersive technologies across sectors including education, healthcare, agritech, and tourism, according to Shri Shivnath Thukral, Director Public Policy, Meta India. The companies and innovators from tier II and III towns are ideally positioned to shape the digital future of the nation thanks to a strong startup ecosystem and a talent pool of strong tech professionals. The expansion of technology entrepreneurs and innovators across India will be accelerated by programmes like the XR Startup Program with MeitY Startup Hub.
40 early-stage start-ups working in XR technologies are receiving grants totaling Rs. 20 lakhs from the Accelerator Program. Additionally, the Grand Challenge will support early-stage innovators in industries like healthcare, gaming and entertainment, agritech & climate action, tourism & sustainability, and education, learning, and skills.
Support will be given to the innovators so they may advance from the R&D stage to creating useful products and services. Eighty innovators will first participate in a bootcamp, and sixteen of them will receive funding of Rs. 20 lakhs each and other assistance to help them create Minimum Viable Products (MVPs) or prototypes.
Along with other things, the Grand Challenge and the Accelerator help startups and innovators connect with customers, find partnerships, and raise money.
The programme is being carried out in collaboration with implementation partners, such as the Gujarat University Startup and Entrepreneurship Council (GUSEC), the Atal Incubation Center (AIC), the Center for Innovation and Entrepreneurship (CIE), and the Foundation for Innovation and Technology Transfer (FITT) at IIT Delhi (North Zone) (West Zone).
